I do many short sales each year. My specialties is short sales, probate/estate, pre-1930 homes.
Right now I have a short sale of a condo, my seller inherited the property from his mother. The loan is in the mother's name. But the estate has already transferred the title home to my seller. My seller is active duty military.
A couple of questions -- I hear that WF is now using Equator. Do I orginiate the short sale in equator?
Is the hardship documents the seller's documents? or the estate?
I heard that WF assigns local rep to help move the process along. How do I find a local rep?
Any advice because the seller is in the military?
Any words of wisdom or advice that can make things smoother?
Thanks for the help.
Yes, initiate in Equator. The documents are all based on the estate (at least in my experience).
Message me privately if you get stuck, I have an awesome high level contact if needed.
Best of luck to you on this one!
I would really like help. Apparently they have never heard of probate or estates. And they won't accept the heir's authorization because he is not on the loan. The trust doesn't name the property. Or who inherits it. I have been told not initiate in Equator until WF puts the heir on the loan.
I would really appreciate any contacts.
Banks are pretty bad about dealing with ANYTHING that is even slightly different. You absolutely have to have the correct documents. If the trust doesn't include the property, then the property is not in the trust. You have some pieces missing.
The bank probably needs the death cert, proof of the executor (court appointed? in a will?), authorization signed by the executor. Most of the things are just as straight forward as any other short sale. But, if you don't have clear authority to deal with property, you can talk to whoever you want, it isn't going anywhere. One step at a time - don't assume that the bank is there to help you and you'll have a more accurate position to evaluate each action.
If the investor is FHA, you will likely get braindead demands for paystubs of the deceased, etc. The banks have gotten away from negotiators and put people in charge of simple little things - with the same amount of understanding. They don't see or understand the whole picture of a short sale, just their piece. If they are supposed to get paystubs, well, then they want paystubs, etc. It is a surprise at the insanity when you first do short sales - it is like going to McD's and after 20 minutes, the guy on the speaker asks what the H do you want? (Oh, and did you want mustard with that shake?) - not exactly "customer" oriented. (Again, understanding this will help keep your frustration down.)
I spent quite a bit of time being bounced around last week. They finally said they wanted the death certificate and authorization to speak with me. So I faxed them that. The trust document doesn't detail the property street names, it gives apn. I tried to give them grant deed that the county recorded or estate change of ownership form(that also only has apns). Even going up in management they didn't know what to do. Finally they said I need to talk with the legal dept, but no I can't be transferred.
It makes it worse that the heir is active duty military, and is flight crew so who knows where he is.
I suppose it could be worse, your heir could sign his name as a symbol and have it only pronounceable in Gaelic blue whale calls.
You are implying that your heir is the executor, otherwise, it doesn't matter. I suggest that you get him to sign a power of attorney for you or someone nearby to sign things for him. I have used 2 types, one that is general and covers everything, the other I have for specifically this property, it's sale. I don't feel comfortable having full POA just to work on someone's short sale.
If you want to bang your head against the wall and keep trying to get WF to accept your unorthodox papers, you can try Diane Fox - 414-214-9487. Do not mention me, she does not like her name being given out.
Your other choice is to change the property - possibly add paperwork to the trust which clearly states that apn X is commonly known as address XXX. Or, you might get the title co which currently protects the title to sign and notarize a document which states the same thing (make sure you don't let them put in how the bank people are knuckle-dragging neanderthals to not understand...). You have papers that do not fit WF's mold, you need to make them fit. I doubt that you can get a county recorder to sign and have notarized such a document, that could be better. WF has to feel comfortable that they won't screw up and give you a loophole to defraud them, etc. (these are simple folk used to the nuts and berries of the woods and not used to the city ways of different words meaning the same thing...)
Although I suspect this would be harder, under the circumstances, but you could move the property out of the trust so it looks "normal" to WF. That could be a hoot - have your executor transfer a property to a dead guy? Hmmm. Or, you could redo the trust papers by transferring it into a different trust worded the way that WF likes.
I wonder how you had this come up. Normally, the bank doesn't care whose name the property is in because they have a note and a mortgage and they trump any games you might play to "steal" the property from them. I suppose you wandered into it by giving them the trust papers and they couldn't see the property address in it - oops - reboot - cannot understand foreign concept apn..
You could get a lawyer to do something like this, but now you are just burning cash.
Once you have no missing papers, everything legally clear no matter which way you go, you can go to the investor and explain the problem. Is this FHA, FNMA, FHLMC, BofNY? This helps in that the servicer, WF, has little interest in helping short sales - every short sale means they won't get paid to "maintain" that property file by the investor next month. But the investor should have more of an interest to move on with the deal. Just make sure you have your act together. Nobody likes to be handed a bunch of half baked "this was done, but I need that" type stuff. You cannot give them an excuse to put your file under the pile of other files or they will.